HST Management

As you all know, the new HST rate is more than double the GST rate we have previously collected, which means amounts normally due at filing time will be more than double what was typically owed. This could create major cash flow problems for you if you do not have an HST plan.

Here are some suggestions to manage your HST:

1. Have an HST bank account linked to your regular bank account and transfer the HST collected monthly or weekly, and keep funds UNTOUCHED until your HST is due.
2. For quarterly filers change your reporting period to monthly. Please be aware that we can only change the HST reporting period at your year end so you may still need a plan for the rest of your fiscal year.
3. For annual filers, send installments quarterly. This way, some of your HST is already paid when filing.

Feel free to contact us if you have any questions or need help with this.